Podcasts about de rugy

SCHEDULE JBS, 6-25-26.JUNE 1957The Fog of Diplomacy in the Strait of Hormuz. Guest: Colonel Jeff McCausland. McCausland discusses a memorandum of understanding with Iran regarding the Strait of Hormuz and nuclear weapons. He notes the Iranian requirement for reconstruction aid and the release of frozen assets. He also touches on the IDF's continued presence in Lebanon, Syria, and Gaza despite regional negotiations. 1The Evolving Robotic Battlefield in Ukraine. Guest: Colonel Jeff McCausland. McCausland explains how drones have transformed the war in Ukraine, effectively cutting off Russian supply lines to Crimea. He discusses the massive casualty rates caused by drones and Ukraine's plan to deploy thousands of ground robots. Meanwhile, Russia faces severe manpower shortages and high casualty counts. 2Structural Fatigue and Leaks on the ISS Zvezda Module. Guest: Anatoly Zak. Zak details the critical role of the Zvezda module, which provides propulsion and life support for the International Space Station. He addresses growing concerns over air leaks and cracks in a transfer compartment. While currently manageable, the cracks reappear despite repeated sealing attempts. 3Almaz: The Secret Soviet Spy Station in Space. Guest: Anatoly Zak. Zak describes the top-secret Almaz program, military space stations camouflaged under the "Salyut" name for reconnaissance. These "spy satellites with men" took high-resolution photos of NATO bases. The program was eventually discontinued because robotic satellites proved more effective and less taxing on human crews. 4Emily Brontë's Dark Inspiration from the Family Vault. Guest: Deborah Lutz. Lutz examines the profound impact of Emily Brontë's mother's death and the construction of the family burial vault beneath the church floor. She argues this underground space fueled Emily's literary obsession with dungeons and graves. Lutz also defends Patrick Brontë against historical claims of severity. 5The Influence of Aunt Branwell and Early Tragedy. Guest: Deborah Lutz. Lutz highlights Aunt Elizabeth Branwell's sacrifice in moving to Haworth to raise the Brontë children, introducing them to cosmopolitan stories. The segment also details the tragic deaths of the eldest sisters, Maria and Elizabeth, from tuberculosis after a harrowing experience at a poorly managed boarding school. 6Imaginary Empires and the Fierce Loyalty of Keeper. Guest: Deborah Lutz. Lutz describes the miniature books the Brontë children created to document their imaginary worlds, Angria and Gondal. The discussion shifts to Emily's domestic life in Haworth, where she balanced household chores with writing. Lutz also recounts Emily's intense bond with her massive, formidable mastiff-mix dog, Keeper. 7Brussels, Poetry, and the Birth of a Unique Voice. Guest: Deborah Lutz. Lutz discusses Charlotte and Emily's education in Brussels, where Emily honed her concise writing style and piano skills. Following their aunt's death, the sisters returned to Haworth and used their inheritance to focus on writing. They compiled their poetry into a volume under male pseudonyms. 8The Bell Brothers and the Collaborative Creation of Novels. Guest: Deborah Lutz. Lutz explains how the sisters published their poetry under the pseudonyms Currer, Ellis, and Acton Bell to avoid gender bias. Despite selling only two copies, they immediately began collaborating on their first novels. Lutz also explores the troubled life of their brother, Branwell. 9The Reclusive Genius of Emily Brontë. Guest: Deborah Lutz. Lutz describes Emily Brontë's writing habits in her small bedroom overlooking a graveyard. Despite her reclusive nature and strong-minded personality, she lived a life filled with "joy and contentment" while crafting Wuthering Heights. Lutz notes that her sisters initially found the dark, violent novel strange. 10The Experimental Haunting of Wuthering Heights. Guest: Deborah Lutz. Lutz explores the Gothic structure and experimental narrative frames of Wuthering Heights. She suggests Heathcliff is an extension of Emily's own fierce imagination. The segment concludes with the tragic deaths of Branwell, Emily, and Anne from tuberculosis, leaving Patrick as the family's sole survivor. 11The Enduring Legacy of the Brontës in Haworth. Guest: Deborah Lutz. Lutz reflects on the Brontës' lasting cultural impact and Haworth's transformation into a major tourist destination. She discusses the critical backlash the novel initially faced for its violence. Despite the tragedy surrounding their lives, the Brontës remain buried beneath the church they once inhabited. 12The FBI, Money Laundering, and the Russian Mob. Guest: Craig Unger. Unger interviews whistleblower Jonathan Buma, a former FBI agent, regarding investigations into Donald Trump's ties to Russian intelligence. He claims Trump Tower served as a "laundromat" for the Russian mafia to clean illicit funds through luxury real estate. Unger questions why the FBI failed to act. 13Political Interference and FBI Counter-Intelligence Failures. Guest: Craig Unger. Unger discusses how investigations into the 2020 election and Rudy Giuliani were allegedly stymied. He notes that Giuliani received payments from Russian oligarchs, potentially compromising the Trump campaign. Unger and Buma explore why major intelligence agencies and the Department of Justice have not pursued these leads. 14The Chronic Failures of the Cuban Regime. Guest: Mary Anastasia O'Grady. O'Grady analyzes Cuba's ongoing economic misery and electricity crises, which the government blames on the U.S. embargo. She references the failed 10-million-ton sugar harvest of 1970 as a symbol of the state's incompetence. The regime maintains power through bitter repression and control over food resources. 15The Distortions of Global Wealth Taxes. Guest: Veronique de Rugy. De Rugy discusses how the UK's tax system discourages international athletes from competing at Wimbledon by taxing their worldwide endorsements. She argues that oppressive global tax schemes, such as California's proposed billionaire tax, often result in reduced economic activity and lower wage growth for middle-class workers. 16One correction folded in: the guest is Mary Anastasia O'Grady (not "Anastasio") in file 15.

The Distortions of Global Wealth Taxes. Guest: Veronique de Rugy. De Rugy discusses how the UK's tax system discourages international athletes from competing at Wimbledon by taxing their worldwide endorsements. She argues that oppressive global tax schemes, such as California's proposed billionaire tax, often result in reduced economic activity and lower wage growth for middle-class workers. 161350

Poverty and Economic Stagnation in Developing Nations. Guest: Veronique de Rugy. Veronique de Rugy examines why countries like the Democratic Republic of Congo remain in extreme poverty. She identifies institutional failures, such as a lack of property rights and predatory governments, as the primary causes of stagnation. Growth, she argues, is the only sufficient element to lift people out of poverty. 2

Veronique de Rugy argues that the U.S. already has the most progressive tax system among OECD countries, with the wealthy paying a disproportionate share of revenue. She critiques Thomas Piketty's proposal for a global wealth tax and mandated "degrowth," characterizing it as an effort to limit national growth under the guise of climate and social justice. (13)1904 PERSIA

Preview for Later Today: Veronique de Rugy examines Thomas Piketty's "degrowth" plan, which uses a global wealth tax to cap income. The proposal seeks to shrink manufacturing and leisure sectors to address global inequality and climate change.1807 TILSIT

Veronique de Rugy critiques the feasibility of single-payer healthcare in America. Citing Vermont's failed experiment, she highlights the astronomical tax increases required to fund such systems. De Rugy argues that government-run healthcare leads to rationing and stifles the medical innovation currently driven by the American private market.1949

SHOW SCHEDULE JOHN BATCHELOR SHOW, 6-4-2026.1671. Evan Ellis discusses the crisis in Bolivia, where President Rodrigo Paz appointed a new defense minister to counter blockades by Evo Morales's supporters and coca growers. These paramilitary-style tactics have isolated La Paz, causing severe shortages. Ellis analyzes the military's hesitation and the influence of illicit interests on the unrest. Evan Ellis examines upcoming elections in Peru and Colombia. In Peru, hard-left candidate Roberto Sanchezchallenges Keiko Fujimori, raising concerns about radical constitutional changes. In Colombia, security-focused newcomer Abelardo de la Espriella leads against leftist Iván Cepeda, reflecting public frustration with the government's failure to manage internal security. Evan Ellis details regional tensions: former Mexican President AMLO accuses Washington of interference regarding corruption probes into his party. In Cuba, the U.S. employs "carrots and sticks" to pressure the regime. Meanwhile, Brazil's election intensifies as the Trump administration backs Flavio Bolsonaro while imposing trade tariffs on Lula's government. Evan Ellis discusses Argentine President Javier Milei's push for unregulated AI development to attract tech investment, highlighted by Peter Thiel's move to Buenos Aires. The segment also covers social unrest in Mexicoas it prepares to host the World Cup, emphasizing the high costs and potential for disruption. Anatol Lieven analyzes Ukrainian drone strikes on St. Petersburg, which damaged energy infrastructure and embarrassed the Kremlin during an economic forum. Lieven observes that the war has evolved into a "battle of drones," undermining Russia's imperial image and increasing internal pressure on Putin as his original strategic goals remain unfulfilled. Anatol Lieven discusses the civil unrest following the murder of Henry Novak in England. He critiques the police response and explains how Nigel Farage is exploiting the tragedy to fuel nationalist sentiment. Additionally, Lieven assesses the political decline of Keir Starmer and the potential rise of Andy Burnham. Mary Anastasia O'Grady explores the ideological battle in the Andean region. She describes Evo Morales's efforts to paralyze Bolivia through road blockades. O'Grady also analyzes the electoral shifts in Peru and Colombia, where voters increasingly favor right-wing candidates who promise security and economic stability over hard-left institutional change. Veronique de Rugy critiques the feasibility of single-payer healthcare in America. Citing Vermont's failed experiment, she highlights the astronomical tax increases required to fund such systems. De Rugy argues that government-run healthcare leads to rationing and stifles the medical innovation currently driven by the American private market. Professor Andrew Bayliss discusses the origins and geography of Sparta, a fertile but mountain-locked valley. He explains the unique dual kingship and the Spartan "plantation cult" society, which relied on the brutal enslavement of the Helots. Bayliss also notes early military overconfidence, exemplified by their defeat at Tegea. Professor Andrew Bayliss introduces the primary sources for Spartan history: Herodotus, who recorded epic narratives; Thucydides, who focused on clinical analysis and the "Thucydides Trap"; and Xenophon, a student of Socrates who continued Thucydides' unfinished history. Each historian provided a distinct perspective on Sparta's rise and fall. Professor Andrew Bayliss describes the "brutal barracks life" of Spartan education, beginning at age seven. Boys endured physical hardship and were encouraged to steal food to prepare for combat. Women also underwent athletic training to produce strong warriors. This rigorous system created a highly disciplined citizen elite. Professor Andrew Bayliss analyzes the Persian Wars, noting that while Thermopylae created the Spartanlegend, the naval victory at Salamis was strategically decisive. Following the war, Sparta retreated into isolationism due to internal scandals, allowing Athens to transform its defensive alliance into a powerful, tribute-collecting maritime empire. Simon Constable reports from France on volatile commodity markets. While copper prices suggest economic growth, the continued closure of the Strait of Hormuz threatens to spike oil prices and trigger global economic downgrades. Constable also provides updates on regional weather and the health of his puppy, Lyra. Simon Constable discusses the political instability in Britain, where Andy Burnham seeks to challenge Prime Minister Keir Starmer. The segment also covers the tragic death of Henry Novak, which has ignited debates over migration and policing, with Nigel Farage utilizing the crisis to bolster his Reform Party's influence. Rick Fisher warns of the rapid militarization of the Earth-Moon system. He highlights China's dual-use space program, run by the People's Liberation Army, and the U.S. Space Command's shift toward "offensive space control." Both powers are deploying lunar vehicles to establish and protect territory in cis-lunar space. Rick Fisher discusses China's 100-year plan to dominate the solar system, specifically the Lunar South Pole's resources. He describes potential "de-confliction" issues as China uses crashing propulsion modules for landings. Fisher concludes that space is becoming an active war-fighting domain involving orbital, electronic, and cyber warfare.

REVIEW: Guest Veronique de Rugy critiques the single-payer healthcare model. She argues that European systems "free-ride" on American pharmaceutical and technological innovations, which are driven by the U.S. system's profit motives.

(6) Veronique de Rugy discusses a proposed California tax on billionaires, warning it will drive high earners away and reduce state revenue, while a competing initiative seeks to protect regular citizens' savings from taxation.1890 NEWLYWEDS

Veronique de Rugy argues that tariffs function as taxes paid by Americans, with costs passing to consumers at a 96% rate. Despite promises to revive manufacturing, employment in that sector has continued to decline. The policy is described as a "catastrophe" resulting in billions in unconstitutional levies that require federal refunds. (13/16)1921 WALL STREET

PREVIEW for Later Today: Veronique de Rugy explains that American consumers bear the full cost of Trumpadministration tariffs. These taxes make domestic manufacturing more expensive and products less affordable, contradicting claims that the policy would benefit the economy.1800 OYSTER STAND NYC

Veronique de Rugy critiques government-matched savings plans like the "Trump IRA." She argues these technocratic fixes add to the national debt without addressing core tax code flaws. She highlights how high penalties for early withdrawals and payroll taxes effectively discourage lower-income workers from saving for the future. (13/16)1935 NUREMBERG

16. Headline: The Marriage Penalty: How Welfare Policies Undermine Stable Families Guest: Veronique de RugySummary: Current US government policies create a "marriage penalty" that discourages low-income couples from marrying to avoid losing welfare benefits. Veronique de Rugy argues that these incentives contribute to a decline in intact marriages, which has significant negative long-term effects on children's education and achievement. 161880 WIEN 

14. Guest: Veronique de Rugy. De Rugy warns of a looming debt crisis, suggesting the US is passively choosing inflation over necessary spending cuts or tax hikes. She argues that fiscal credibility cannot be restored without reforming Medicare and Social Security, and recommends deregulating healthcare to increase supply and lower costs. 141945 HOLLYWOOD BLVD

SCHEDULE JOHN BATCHELOR SHOW, 4-23-261902 DELONGPRE GARDENHere are your formatted segments:1. Guest: Anatol Lieven. Lieven discusses the Middle East crisis, noting Russia benefits from rising oil prices while China fears global economic instability. Future concerns include potential US retaliation against Europe regarding Ukraine aid and Greenland, alongside upcoming tariff negotiations between President Trump and Xi Jinping in Beijing. 12. Guest: Anatol Lieven. Lieven analyzes UK politics, characterizing Prime Minister Keir Starmer as a "dead man walking" due to record low popularity and scandals involving Lord Mandelson. Regarding Ukraine, he suggests they are achieving a qualified victory by holding the line, though long-term survival is threatened by manpower and funding shortages. 23. Guest: Grant Newsham. Retired Marine Colonel Newsham explains Japan's participation in the Balikatan combat exercises in the Philippines. This shift toward active military training under Prime Minister Takayichi aims to counter Chinese aggression. Beijing strongly opposes this enhanced US-Japan defense link, fearing its combined strategic capabilities. 34. Guest: Titus Techera. Techera reviews Project Hail Mary, calling it a family-oriented film celebrating space exploration and "manly professionalism". However, he highlights Hollywood's decline as streaming and private gaming erode the shared cinematic experience. He notes that traditional "boys' fantasies" have largely defected to digital platforms. 45. Guest: Evan Ellis. Ellis examines Peru's political turmoil surrounding a multi-billion dollar F-16 deal. An interim leftist government attempted to delay payments, potentially seeking Russian or Chinese alternatives. Despite the resignation of two key ministers in protest, the deal currently appears to be moving forward. 56. Guest: Evan Ellis. Ellis details spillover violence in Trinidad and Tobago, where drug flows and gangs necessitated a state of emergency. He addresses Venezuela's opposition leader Maria Corina Machado's delayed return to the country. Additionally, he discusses El Salvador's controversial mass trial of 486 alleged gang members. 67. Guest: Evan Ellis. Ellis discusses a suspicious car crash in Chihuahua, Mexico, that killed four officials, including two CIA personnel. He also covers a diplomatic rift between the US and Brazil involving mutual expulsions of police liaisons, sparked by tensions over former President Bolsonaro and the 2022 election. 78. Guest: Evan Ellis. Ellis reports Panama is seeing increased canal revenue due to Middle East instability, but faces Chinese retaliation for revoking a port concession. China is using economic leverage to punish Panama, pressuring major shipping companies and harassing Panamanian-flagged vessels to discourage resistance to its presence. 89. Guest: Eric Cline. Archaeologist Cline discusses the Amarna letters, focusing on the prolific correspondence of Rib-Hadda of Byblos. He characterizes these ancient conflicts as proxy wars between the Hittites and Egyptians. Cline notes that the regional dynamics of 3,400 years ago strikingly mirror contemporary Middle Eastern geopolitical struggles. 910. Guest: Eric Cline. Cline explores the letters of Abdi-Heba, the ruler of Jerusalem, who balanced local conflicts while appealing to the Egyptian Pharaoh for military aid. The correspondence reveals a world of backstabbing vassal politics and frequent requests for gold, which Egypt occasionally sent as gilded wood. 1011. Guest: Eric Cline. Using social network analysis, Cline maps connections between Bronze Age rulers, identifying messengers as critical "power brokers". He notes the difficulty of identifying specific Pharaohs in the letters. Finally, he discusses the archaeological significance of Byblos and the need for future excavations once regional peace allows. 1112. Guest: Eric Cline. Cline discusses the 1177 BC collapse of the globalized Late Bronze Age network due to drought, famine, and invasions. He emphasizes modern lessons from this collapse, including the need for innovation, resilience, and multiple backup plans to ensure societal survival when complex systems inevitably fail. 1213. Guest: Craig Unger. Unger argues Vladimir Putin is the primary beneficiary of the Middle East conflict as rising oil prices bolster Russia's economy. He describes Donald Trump as a Russian "asset" whose interests align with Putin's. Additionally, he discusses Melania Trump's unusual press conference denying Jeffrey Epstein connections. 1314. Guest: Veronique de Rugy. De Rugy warns of a looming debt crisis, suggesting the US is passively choosing inflation over necessary spending cuts or tax hikes. She argues that fiscal credibility cannot be restored without reforming Medicare and Social Security, and recommends deregulating healthcare to increase supply and lower costs. 1415. Guest: Mary Anastasia O'Grady. O'Grady criticizes the stalled transition to democracy in Venezuela, noting the Rodriguez siblings are "buying time" for their criminal regime. Despite the capture of Maduro, corrupt officials remain in power. She highlights the ongoing threat to opposition leader Maria Corina Machado and the lack of US focus. 1516. Guest: Cleo Paskal. Paskal reports on Super Typhoon Sinlaku's impact on US Pacific territories. She also discusses the fuel supply crisis in the Marshall Islands caused by the Strait of Hormuz closure. Finally, she details the withdrawal of a controversial UK deal to cede the strategic Chagos Islands to Mauritius. 16

Trump Proved to be Unimaginably Bad for the Free Market Cause: A Conversation with Veronique de RugyThanks for checking out The UnPopulist! Subscribe to support our project.© The UnPopulist, 2026Follow us on Bluesky, Threads, YouTube, TikTok, Facebook, Instagram, and X.We welcome your reactions and replies. Please adhere to our comments policy. Get full access to The UnPopulist at www.theunpopulist.net/subscribe

16. Veronique de Rugy addresses common tax myths, explaining that the top 1% already pays 40% of UStaxes. She argues that confiscating billionaire wealth would fail to eliminate the massive $25 trillion national deficit.1870-1910 OTTOMAN IRONCLAS

Preview for Later TodayVeronique de Rugy debunks the myth that taxing billionaires' total wealth can solve the US deficit. She notes confiscating all their assets would only cover a small fraction of the total debt.1900 CARTHAGE

The Recurring Failures of Industrial Policy Guest: Veronique de Rugy Veronique de Rugy critiques the World Bank for endorsing industrial policies that failed in Japan and China. She warns that government-led protection creates economic distortions and raises costs for domestic consumers.1935 Shanghai

14. The Failures of Industrial PolicyGuest: Veronique de Rugy. Veronique de Rugy critiques the World Bank's recent endorsement of industrial policy despite its historical failure in Japan and China. She argues these interventions distort economies and benefit industries over average consumers. (14)887 FRANCE IRONCLAD MARCEAU 2

15. Guest Veronique de Rugy analyzes the $300 billion cost of the Iran war, detailing legislative paths like reconciliation to bypass Senatefilibusters,. She highlights the risks of rising inflation and massive national debt,. (15)2024 MEXICO CITY HPUSE SCENE OF THE MURDER, AUGUST 1940, BY A SPANIARD NKVD ASSASSIN.

4. Veronique de Rugy: Explains the mass exodus of affluent individuals from high-tax states due to billionaire tax proposals,. She warns that "one-time" taxes historically become permanent, broadening their base to include the middle class,,. (35 words) (4)1910 PACIFIC PALISADES

### HEADLINE: THE TAX CODE ORIGINS OF HIGH AMERICAN HEALTHCARE COSTS SUMMARY:Veronique de Rugy traces modern healthcare expenses to a 1920s tax error and advocates for health savings accounts to restore consumer control and transparency. GUEST: Veronique de Rugy NUMBER: 13 (13)NOVEMBER 1899

HEADLINE: The Historical Roots of High Healthcare Costs GUEST: Veronique De Rugy The high cost of American healthcare is traced back to a 1920s tax code decision that exempted employer-provided health benefits from taxation. This "accidental" policy skewed the market toward insurance provided by employers or the government rather than an individual market. Consequently, the individual insurance market remains small and expensive, contributing to the United States having the most expensive healthcare system on the planet. (10)1919

Veronique de Rugy reports that the Export-Import Bank is using rare earth minerals as a pretext to expand lending authority, primarily benefiting Boeing while failing to use existing China mandates. 14.1939 RIBBENTROP ARRIVES IN MOSCOW.

Veronique de Rugy reports that Americans shoulder 90% of tariff costs, which fail to reshore production, hurt low-income families, and cannot offset interest on massive national debt. 13.1936

Veronique de Rugy of the Mercatus Center explains how bipartisan spending on entitlement programs like Social Security and Medicare drives national debt, arguing that American consumers, not foreign nations, primarily bear the economic burden of tariffs. 141908 NYSE

Veronique de Rugy of the Mercatus Center analyzes tensions between the President and the Federal Reserve, warning against fiscal dominance where political pressure regarding debt forces the Fed to lower rates.1930 FDR AND SARA

Veronique de Rugy of the Mercatus Center discusses Kevin Warsh's potential Fed chairmanship, highlighting his focus on price stability and a proposed accord to reduce Treasury pressure on the central bank.1903

Veronique de Rugy of the Mercatus Center argues that while Trump's deregulation aids growth, erratic tariffs and government industrial subsidies create uncertainty, functioning effectively as taxes that hinder the economy.1859 FIVE POINTS

Veronique de Rugy of the Mercatus Center argues tariffs act as taxes on Americans, criticizing the administration's erratic implementation for creating damaging business uncertainty that undermines economic planning.1955

Guest: Veronique de Rugy. De Rugy of the Mercatus Center examines the failure of Georgia's film tax credits, noting that productions eventually moved to cheaper locations despite billions in subsidies. She compares this to federal industrial policies like tariffs and Intel subsidies, arguing that government attempts to "pick winners" rarely produce sustainable economic results.1951 JACK DEMPSEY AND MAMIE VAN DOREN

SHOW SCHEDULE1-29-20261942 LANCASTER PA, ARMISTICE DAY IN WARTIME Guest: Anatol Lieven. Lieven of the Quincy Institute discusses breaking news that Vladimir Putin has agreed to a one-week ceasefire on Ukrainian cities following a request from Donald Trump. Lieven views this as a significant positive signal of Putin's desire to maintain good standing with the incoming administration, though he notes that major territorial disagreements remain unresolved. Guest: Anatol Lieven. The conversation turns to the $300 billion in suspended Russian assets. Lieven outlines Russia's proposal to use these funds for reconstruction or a joint investment fund to avoid confiscation, suggesting that suspending rather than lifting sanctions could be a political compromise to secure U.S. Senate approval. Guest: Chris Riegel. Riegel, CEO of Stratology, analyzes Elon Musk's pivot to manufacturing "Optimus" androids, arguing that California's restrictive tax and labor costs are driving the need for automation. He suggests that major retailers like Walmart are poised to replace significant portions of their workforce with robotics to maintain profitability amid rising economic pressures. Guest: Mariam Wahba. Wahba from the Foundation for Defense of Democracies reports on the persecution of Christians in Nigeria by jihadists and Fulani militants. She details a newly established White House working group designed to help the Nigerian government fix security gaps and enforce laws against the perpetrators of this religiously motivated violence. Guest: Mary Anastasia O'Grady. O'Grady of the Wall Street Journal critiques the Trump administration's engagement with Venezuela's acting president, Delcy Rodriguez. O'Grady warns that while Rodriguez is cooperating on oil exports, she remains a "vice dictator" managing rival factions to ensure the regime's survival while stalling on the release of political prisoners. Guest: Veronique de Rugy. De Rugy of the Mercatus Center examines the failure of Georgia's film tax credits, noting that productions eventually moved to cheaper locations despite billions in subsidies. She compares this to federal industrial policies like tariffs and Intel subsidies, arguing that government attempts to "pick winners" rarely produce sustainable economic results. Guest: Michael Toth. Toth of the Civitas Institute warns against new "climate superfund" legislation in states like New York, which seeks to retroactively tax fossil fuel companies for global warming. He characterizes these funds as unconstitutional attempts to regulate global emissions at the state level, arguing they will function as slush funds that drive up energy costs. Guest: Michael Toth. The segment focuses on California's strategy to empower the Attorney General to sue fossil fuel companies for rising insurance premiums. Toth argues these lawsuits are politically motivated and legally weak, noting that even insurance companies refuse to sue because attributing specific damages or deaths to corporate emissions is factually difficult. Guest: Professor Evan Ellis. Ellis of the U.S. Army War College reports that Cuba is facing a catastrophic energy collapse, with only days of oil remaining after Mexico and Venezuela cut supplies. He predicts this crisis will likely trigger a massive wave of migration as the island's power grid and economy face a near-total shutdown. Guest: Professor Evan Ellis. Ellis discusses the Costa Rican election, where center-right candidate Laura Fernandez holds a commanding lead. He describes her as a technocrat focused on combating drug-fueled crime and continuing pro-business policies, noting she is on track to potentially win the presidency in the first round. Guest: Professor Evan Ellis. Ellis evaluates Mexican President Claudia Sheinbaum, praising her pragmatic management of relations with the U.S. despite her leftist ideology. He notes she has navigated threats of tariffs and military intervention by cooperating on border security and extradition, while maintaining political dominance through her predecessor's powerful movement. Guest: Professor Evan Ellis. Ellis describes the unstable power dynamics in Venezuela, where the Rodriguezfaction cooperates with the U.S. on oil to prevent economic collapse. He warns that rival criminal factions, including the ELN and military figures, may sabotage this arrangement if they fear being betrayed or marginalized by the current leadership. Guest: Padraic Scanlan. Scanlan, author of Rot, introduces the history of the Irish Famine by recounting a folk story about Queen Victoria visiting the devastated village of Skibbereen. He sets the context by explaining how the pre-famine Irish economy relied entirely on the high-yield potato, which allowed landlords to pay incredibly low wages to a capital-poor population. Guest: Padraic Scanlan. Scanlan discusses the structure of Irish land ownership, using Shirley Castle as an example of the disconnect between landlords and tenants. He explains that while the landscape looked ancient, landlords were actually modern, sophisticated merchants who extracted rent from a tenant class living on small, unimproved plots known as "conacres." Guest: Padraic Scanlan. Scanlan explains the Victorian view of the famine through the lens of economist Thomas Malthus, who believed the "generous" potato encouraged overpopulation. He notes that Britishpolicymakers viewed the famine as a natural, inevitable correction and feared that providing aid would discourage the Irish poor from developing a "civilized" work ethic. Guest: Padraic Scanlan. Scanlan details the biological cause of the famine: Phytophthora infestans, a water mold that originated in Mexico. He explains that because Irish potatoes were genetically identical clones grown from cuttings, they had zero resistance to the pathogen, which destroyed both growing crops and stored food, leaving the population with no buffer against starvation.

SEGMENT 4: MAGA EMBRACES BIG GOVERNMENT LIKE NEW DEALERS Guest: Veronique de Rugy De Rugy argues MAGA policies mirror New Deal-era big government activism through state industrial policy and massive spending programs. Traditional Republican principles of limited government appear obsolete or abandoned, with the RINO label now applied to anyone advocating fiscal restraint or free market economics.1846 BRUSSELS

The Upwardly Mobile but Anxious Middle Class. Guest: VERONIQUE DE RUGY. Despite reports of a shrinking middle class, data shows many individuals are actually moving into the upper middle class. However, significant anxiety remains due to rising costs in government-regulated sectors like healthcare, housing, and education. This discontent leads to a search for scapegoats among the elite.1899

Veronique de Rugy is the George Gibbs Chair in Political Economy and a Senior Research Fellow at the Mercatus Center at George Mason University. In Veronique's first appearance on Macro Musings she discusses her career as a think tanker's think tanker, what the difference is between classical liberals and libertarians, how America's mindset has shifted on trade and immigration, the fiscal health of the United States, the US's impending debt crises, solutions for fixing the fiscal health of the United States, and much more. Check out the transcript for this week's episode, now with links. Recorded on November 18th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Veronique on X: @VerodeRugy Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:18 - Vero's Career 00:17:35 - Vero's Career 00:24:32 - Fiscal Policy at Mercatus 00:40:59 - Steps Toward a Sustainable Fiscal Path  00:48:34 - Flattening the Debt Curve 00:59:13- Outro

THE URGENCY OF SOCIAL SECURITY REFORM Colleague Veronique de Rugy, Mercatus Center. Veronique de Rugy argues Social Security must be reformed before trust funds run dry in the 2030s. She contends the system unfairly redistributes wealth from young workers to increasingly wealthy seniors and advocates for capping benefits or means-testing rather than raising taxes or allowing across-the-board cuts. NUMBER 6

Credit Card Interest Rate Caps Would Harm Low-Income Borrowers: Colleague Veronique de Rugy criticizes proposals by Senators Sanders and Ocasio-Cortez to cap credit card interest rates at 10 percent, arguing price controls will force companies to reduce risk, ultimately denying credit to the low-income borrowers the bill aims to protect SP 1954.

Political Horseshoe: Convergence of Left and Right on Interventionism — Veronique de Rugy — de Rugy describes the political "horseshoe" theory wherein ideologically opposed left and right political movements converge on preferences for expansive government intervention and managed economy policies. de Rugy documents that while left and right factions blame different villains—wealth inequality versus immigration—both now support agricultural subsidies, protectionist tariffs, and direct state economic intervention. de Rugy emphasizes that both extremes have systematically abandoned classical free-market principles in favor of comprehensive managed economy frameworks emphasizing state control and industrial policy direction. 1910

PREVIEW — Veronique de Rugy — The Political Horseshoe: Converging Discontent. de Rugy explains the political "horseshoe" theory, which posits that ideologically opposed extremes—the far Left and far Right—converge in their fundamental conviction that the United States is pursuing a catastrophic trajectory requiring comprehensive government intervention and systemic restructuring. de Rugy documents that both ideological poles perceive the existing political-economic order as fundamentally irreparably corrupted or unjust, generating agreement across the ideological spectrum regarding the necessity of radical systemic transformation despite divergent visions regarding post-transformation governance structures and resource allocation mechanisms. 1955

Veronique De Rugy discusses US industrial policy, noting the trade deficit has increased despite tariffs, and the administration's decision to remove tariffs on food items—goods not produced domestically—is seen as an implicit admission that tariffs contribute to the "affordability crisis" because tariffs are a tax primarily borne by American consumers. The goals behind tariffs have shifted from fighting China to raising revenue, and the largest tariff exemption is for computer parts, indicating an understanding that tariffs could contradict other goals like energy abundance. De Rugyargues that US economic power stems from innovation and a willingness to invest, making industrial policy involving tariffs and seeking foreign investment largely unnecessary and potentially harmful. 1947

Veronique de Rugy discusses the cost of living, critiquing the administration's claims that Thanksgiving dinner is cheaper, citing the use of shrinkflation and item removal. She criticizes the proposal to send $2,000 checks, noting this Keynesian approach boosts demand, which, without increased supply, risks raising prices further. De Rugy advocates for deregulation and the elimination of tariffs (which she confirms are a tax) as the necessary supply-side solution to the affordability crisis. Guest: Veronique de Rugy.

SHOW 11-13-25 CBS EYE ON THE WORLD WITH JOHN BATCHELOR THE SHOW BEGINS IN THE DOUBTS ABOUT BUNDESTAG COHESION AND  STABILITY. FIRST HOUR 9-915 1/2 Anatol Lieven discusses the war in Ukraine, noting the new Russian unit RubiKon hunting drone operators and the slow Russian advance on Pakovsk, aided by both innovation and old factors like fog. The conversation also covers Germany's military rearmament plans and the significant, rising influence of the populist right AFD party in German politics, which is strongly anti-immigrant and largely anti-rearmament. Guest: Anatol Lieven. 1/2 915-930 2/2 Anatol Lieven details UK Prime Minister Starmer's genuine political troubles concerning domestic policy drift and significant potential losses in upcoming regional elections. Starmer maintains prestige supporting Ukraine, though funding remains a question. A back channel to Moscow has been opened by Jonathan Powell to discuss peace, dropping the prior insistence on a ceasefire, indicating a shift in London. Guest: Anatol Lieven. 2/2 930-945 Chris Riegel, CEO of SCALA.com, states that Chinese claims of matching Nvidia's high-end chip success are largely propaganda, though China mandates domestic chip use. The US holds the AI "pole position." AI is a genuine profit driver, worth trillions to GDP, with material workforce impact expected by 2026. Guest: Chris Riegel 945-1000 Mary Anastasia O'grady reports on the assassination of Mayor Carlos Monzo in Michoacán, killed after leaving President Sheinbaum's Morena party and aggressively confronting cartels and their agricultural extortion. Sheinbaum has cooperated smartly with the US, allowing surveillance flights, and hired credible security chief García Haruch. The main challenge is whether Sheinbaum has the political will to confront the cartels, especially given the widespread belief in Morena's complicity. Guest: Mary Anastasia O'Grady. SECOND HOUR 10-1015 Cliff May discusses severe Christian persecution in Nigeria, which President Tinubu claims guarantees religious liberty. Attacks are carried out by Boko Haram, ISWAP, and powerful Fulani militias. May suggests jihadism acts as theological justification for Fulani nomadic herders to seize land from Christian farmers. The US could provide assistance, training, and advice to the Nigerian military to protect communities. Guest: Cliff May. 1015-1030 Sadanand Dhume examines the shift in US foreign policy, where President Trump now favors Pakistan and its military chief, General Munir. This followed intense combat between India and Pakistan after a horrific terrorist attack. When the US mediated a ceasefire, Trump took credit, which embarrassed Indian Prime Minister Modi. Pakistan cleverly thanked Trump and nominated him for a Nobel Peace Prize, securing his favor over India. India now needs a trade deal. Guest: Sadanand Dhume. 1030-1045 Professor Matthew Graham discusses the most powerful black hole flare ever recorded, which shone like 10 trillion suns from an Active Galactic Nucleus (AGN). Material falling into the supermassive black hole forms an accretion disc, releasing intense radiation. This 10-billion-year-old event was detected using computer cameras. Graham explains that these black holes are ancient "seeds" of galaxies, acting as cosmic vacuum cleaners, such as when a large star gets shredded. Guest: Professor Matthew Graham. 1/2 1045-1100 Professor Matthew Graham details his needs for future black hole research, prioritizing a network of space telescopes with large fields of view, like the Roman space telescope, for perpetual, multi-wavelength monitoring of the sky. This "audit of the cosmos" will improve detection speed and timing. Graham encourages students to pursue black hole work, noting it is a vibrant growth area, viewing black holes as the enduring future product of the universe. Guest: Professor Matthew Graham.2/2 THIRD HOUR 1100-1115 Veronique de Rugy discusses the cost of living, critiquing the administration's claims that Thanksgiving dinner is cheaper, citing the use of shrinkflation and item removal. She criticizes the proposal to send $2,000 checks, noting this Keynesian approach boosts demand, which, without increased supply, risks raising prices further. De Rugy advocates for deregulation and the elimination of tariffs (which she confirms are a tax) as the necessary supply-side solution to the affordability crisis. Guest: Veronique de Rugy. 1115-1130 Conrad Black assesses Canadian Prime Minister Mark Carney's new budget as anti-climactic, failing to deliver promised growth or definitive decisions on controversial policies like pipelines. However, the budget was sensible and conciliatory, avoiding conflict with the opposition, Washington, and Alberta. Carney, adopting a diplomatic style akin to a central banker, did offer serious encouragements to alleviate the housing shortage. Guest: Conrad Black. 1130-1145 Scott Winship analyzes 50 years of US median earnings, preferring the MACPI to accurately adjust for cost of living. He finds that the middle class is better off: women's earnings are up 120%, and men's are up 40–50%. Winship disputes populist theories that income inequality or the China shock are the main villains, noting that the worst period for young men was 1973–1989, predating those factors. Guest: Scott Winship.1/2 1145-1200 Scott Winship investigates the mystery of the decline in young men's earnings between 1973 and 1989. He concludes this period was not caused by accelerated immigration or women entering the workforce, as men's earnings continued to rise. The actual explanation is the unique economic combination of stagflation—high unemployment and very high inflation—that occurred until the early 1980s recession. This severe economic dynamic has not been matched since 1989. Guest: Scott Winship. FOURTH HOUR 12-1215 The arrival of the US carrier Gerald Ford signals an escalating commitment to possible military solutions against Maduro's regime in Venezuela. Maduro has ordered a Cuban-style guerrilla defense, but analysts worry more about "anarchization"—wreaking havoc—if he falls. Removing Maduro and lifting sanctions could lead to necessary refinancing of Venezuela's $170 billion debt. Guest: Evan Ellis. 1/4 1215-1230 Peru faces severe political instability, evidenced by six presidents in two years and detentions for corruption. Transitional leader José Heresi is tackling rising organized crime, including a 36% jump in homicides, through a state of emergency. Meanwhile, China maintains deep-seated influence, controlling key sectors like mining, oil, and the deep-water port of Chancay. Guest: Evan Ellis.2/4 1230-1245 Honduras is holding a high-stakes, single-round election where the outcome could determine if the country returns to alignment with Taiwan or shifts to China. Election observers noted improper pressure and concerns about meddling by the ruling Libre Party. Separately, Argentina's economy under Milei is strengthening, backed by a significant US currency swap and political support. Guest: Evan Ellis. 3/4 1245-100 AM COP 30 is largely "political theater" with commitments insufficient to address climate change. Estimates suggest the crucial 1.5-degree global temperature increase will be reached by 2030. While there is increased international attention, funding remains inadequate; Brazil secured only $5.5 billion toward its $125 billion forest preservation goal. The plight of Amazonian indigenous peoples continues unaddressed. Guest: Evan Ellis.4/4 | 

CBS EYE ON THE WORLD WITH JOHN BATCHELOR 11-6-25 THE SHOW BEGINS IN THE DOUBTS ABOUT VENEZUELA. FIRST HOUR 9-915 Anatol Lieven discusses the institutionalization of the Ukraine war, highlighted by children being trained to fly drones in classrooms. This blend of new technology and old societal militarization creates a "bloodless war" perception, potentially making conflict psychologically easier. He also addresses the argument that "stagnating states" are militarizing to maintain power, fueling conflicts and reasserting spheres of influence (a "new economic Monroe Doctrine"). The US is critically involved, enabling Ukrainian targeting capabilities. 915-930 Anatol Lieven discusses the institutionalization of the Ukraine war, highlighted by children being trained to fly drones in classrooms. This blend of new technology and old societal militarization creates a "bloodless war" perception, potentially making conflict psychologically easier. He also addresses the argument that "stagnating states" are militarizing to maintain power, fueling conflicts and reasserting spheres of influence (a "new economic Monroe Doctrine"). The US is critically involved, enabling Ukrainian targeting capabilities. 930-945 Chris Riegel discusses how artificial intelligence (AI) and robotics are transforming labor, citing modest IBM layoffs but predicting heavy impacts in large retail. Advanced robotics in Chinese auto manufacturing drives cost efficiency, and AI combined with robotics enhances manufacturing capability. While seeing demand, Riegel notes characteristics of a bubble, especially in wildly overvalued stock prices, fueled by vast investment in AI data centers. In QSRs and retail, AI adoption is driven by efficiency and, in places like California, high minimum wages. 945-1000 Mary Anastasia O'Grady discusses the strong US military presence near Venezuela, intended to pressure dictator Nicolás Maduro to leave. While the opposition (led by elected President González) is ready to govern, the Trump administration hesitates due to security concerns. The major risk is chaos: following Maduro's exit, drug cartels (like Cartel de los Soles) and other groups (like ELN and Tren de Aragua) might fight dissident generals, leading to instability rather than a smooth transition to democracy. SECOND HOUR 10-1015 Joel Finkelstein discusses how the New York election of socialist Zohran Mamdani was influenced by "subnationalism," where foreign nations subvert democracy. Organizations associated with Islamist Maoist ideals and CCP assets (like Neville Roy Singham, who bankrolled a campaign hub) were central to mobilizing votes. On social media, especially Instagram and TikTok, content favorable to Mamdani was given "engineered virality," with over 50% of viral engagement coming from non-American users, suggesting organized foreign intercession. 1015-1030 Ahmad Fouad Alkhatib discusses the high probability of renewed conflict in Gaza, arguing that the ceasefire is fragile due to Hamas's malign intentions. He estimates Hamas's combat-effective forces are significantly lower than reported (3,000 to 5,000, versus 15,000 to 30,000), noting Hamas pays fighters $20 to $25 a day. He also challenges polls showing widespread Gazan support for Hamas, arguing such results are manipulated and defy logic given the catastrophe following October 7. Disarmament is crucial for any future political process. 1030-1045 Ahmad Fouad Alkhatib argues that disarmament must precede any credible political process in Gaza, citing Hamas's use of medical facilities like Shifa and Nasser hospitals for interrogations and military activities. He criticizes Turkey and Qatar for using Hamas as a bargaining chip for regional leverage, suggesting they now posture Hamas as a potential security guarantor against ISIS. Alkhatib also suggests using Private Military Contractors (PMCs) as an enforcement force to actively fight Hamas and secure territory, given diminishing faith in an International Stabilization Force. 1045-1100 Gregg Roman details Turkey and Qatar's strategy to establish regional hegemony across "five fronts" by replacing the Shia Crescent. Turkey, providing military manpower, and Qatar, providing the budget, are active in Gaza, southern Lebanon, Syria, and Djibouti. Their plan includes securing maritime supremacy in the Eastern Mediterranean via an agreement with Libya and extending air power over Syrian airspace. Erdoğan seeks plausible deniability by empowering Syrian jihadis to attack the Golan Heights and is building bases in Djibouti and Somalia. THIRD HOUR 1100-1115 Professor Evan Ellis discusses Argentina's economic stabilization under President Milei, who resisted dollarization by bringing the peso to a stable, free-market rate through aggressive spending cuts and US/IMF support. This success under the new US "economic Monroe Doctrine" sends a strong signal to the Americas, aimed at countering China's rapid expansion. Ellis also reviews US military readiness near Venezuela and political shifts toward the center-right in Bolivia and potentially Chile, though these nations remain economically engaged with China. 1115-1130 Professor Evan Ellis discusses Argentina's economic stabilization under President Milei, who resisted dollarization by bringing the peso to a stable, free-market rate through aggressive spending cuts and US/IMF support. This success under the new US "economic Monroe Doctrine" sends a strong signal to the Americas, aimed at countering China's rapid expansion. Ellis also reviews US military readiness near Venezuela and political shifts toward the center-right in Bolivia and potentially Chile, though these nations remain economically engaged with China. 1130-1145 Professor Evan Ellis discusses Argentina's economic stabilization under President Milei, who resisted dollarization by bringing the peso to a stable, free-market rate through aggressive spending cuts and US/IMF support. This success under the new US "economic Monroe Doctrine" sends a strong signal to the Americas, aimed at countering China's rapid expansion. Ellis also reviews US military readiness near Venezuela and political shifts toward the center-right in Bolivia and potentially Chile, though these nations remain economically engaged with China. 1145-1200 Professor Evan Ellis discusses Argentina's economic stabilization under President Milei, who resisted dollarization by bringing the peso to a stable, free-market rate through aggressive spending cuts and US/IMF support. This success under the new US "economic Monroe Doctrine" sends a strong signal to the Americas, aimed at countering China's rapid expansion. Ellis also reviews US military readiness near Venezuela and political shifts toward the center-right in Bolivia and potentially Chile, though these nations remain economically engaged with China. FOURTH HOUR 12-1215 Veronique de Rugy critiques the administration's legal argument at the Supreme Court that the International Emergency Economic Powers Act (IEEPA) authorizes the President to impose tariffs. She argues the term "emergency" is used too loosely, defining 50 years of trade deficits as an emergency, potentially granting the President immense, unchecked power to tax. Tariffs are taxes, which Congress should control. De Rugy notes tariffs are already causing damage by raising prices for consumers or forcing companies to cut profits and investment. 1215-1230 Alan Tonelson discusses the Supreme Court oral arguments concerning the President's authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA). The administration argues the President can invoke IEEPA due to emergencies like fentanyl and trade deficits. Tonelson finds arguments against including tariffs under IEEPA's regulatory language "jaw-dropping." He stresses that the President must have sole control over declaring foreign policy emergencies, necessary for rapid response. If rejected, the President has other longstanding tariffing powers. 1230-1245 Dr. AJ Kolhari discusses Russia's successful test of the nuclear-powered Burevestnik cruise missile, which flew 14,000 km for 15 hours. The missile captures and compresses air, heating it over a nuclear reactor to create thrust. Kolhari emphasizes the danger because it flies low (50 to 100 m) and is hard to detect. He notes this nuclear propulsion technology, or similar ramjet designs, could revolutionize commercial travel and be applied to flight on Mars, using its CO₂ atmosphere for heating. 1245-100 AM Conrad Black discusses Canadian politics and trade, noting a misunderstanding between Prime Minister Carney and Ontario Premier Doug Ford regarding an anti-tariff ad that offended President Trump. Black reports that China's General Secretary Xi has been conciliatory toward both Canada and the US. Crucially, Canada needs pipelines built both east, west (Trans Mountain to Vancouver/Pacific), and south (Keystone XL) to move Alberta's oil. Carney's federal government tentatively agreed to approve a second pipeline to Northern British Columbia.

Veronique de Rugy critiques the administration's legal argument at the Supreme Court that the International Emergency Economic Powers Act (IEEPA) authorizes the President to impose tariffs. She argues the term "emergency" is used too loosely, defining 50 years of trade deficits as an emergency, potentially granting the President immense, unchecked power to tax. Tariffs are taxes, which Congress should control. De Rugy notes tariffs are already causing damage by raising prices for consumers or forcing companies to cut profits and investment. 1882 NYSE

Social Security Reform and Means Testing Guest: Veronique de Rugy Veronique de Rugy discusses the looming Social Security funding deadline around 2033, after which benefits face an automatic cut exceeding twenty percent if Congress fails to act decisively. She warns that perpetually borrowing to cover the shortfall represents the worst policy option, potentially leading to massive debt accumulation and inflation. De Rugy proposes means testing benefits as the fairest reform approach, arguing that Social Security currently transfers money from the relatively young and poor to the relatively old and wealthy, justifying progressive benefit reductions without raising taxes or disrupting the system for those most dependent on it.

SHOW 10-31-25 CBS EYE ON THE WORLD WITH JOHN BATCHELOR THE SHOW BEGINS IN THE DOUBTS ABOUT NUKES, FIRST HOUR 9-915 Vegas Pricing, California Politics, and Fire Negligence Guest: Jeff Bliss Jeff Bliss reports on Las Vegas, where MGM CEO Bill Hornbuckle admitted that high pricing strategies—including $12 coffee and $26 bottled water—were driving tourists away and causing massive revenue losses. In California, the $1.5 billion state capital refurbishment project was shrouded in secrecy, with granite quarried in California being sent to Italy for stonework to avoid high labor costs and state safety regulations. Additionally, a lawsuit alleges that LA Fire Department negligence in handling the initial Palisades fire led directly to the massive conflagration that destroyed the neighborhood. 915-930 Social Security Reform and Means Testing Guest: Veronique de Rugy Veronique de Rugy discusses the looming Social Security funding deadline around 2033, after which benefits face an automatic cut exceeding twenty percent if Congress fails to act decisively. She warns that perpetually borrowing to cover the shortfall represents the worst policy option, potentially leading to massive debt accumulation and inflation. De Rugy proposes means testing benefits as the fairest reform approach, arguing that Social Security currently transfers money from the relatively young and poor to the relatively old and wealthy, justifying progressive benefit reductions without raising taxes or disrupting the system for those most dependent on it. 930-945 Economic Indicators and AI in Business Guest: Gene Marks Gene Marks shared mixed economic indicators across the United States: slow activity in Las Vegas and struggling farm equipment manufacturers offset by busy utility distribution contractors benefiting from infrastructure spending programs. His main focus centered on artificial intelligence, advising businesses to integrate AI assistants like Grok or Claude to boost workplace productivity substantially. Marks cautioned that reliance on cloud infrastructure, highlighted by the recent AWS outage, combined with concerns about data privacy and security necessitate accepting calculated risks for potentially high rewards. 945-1000 Economic Indicators and AI in Business Guest: Gene Marks Gene Marks shared mixed economic indicators across the United States: slow activity in Las Vegas and struggling farm equipment manufacturers offset by busy utility distribution contractors benefiting from infrastructure spending programs. His main focus centered on artificial intelligence, advising businesses to integrate AI assistants like Grok or Claude to boost workplace productivity substantially. Marks cautioned that reliance on cloud infrastructure, highlighted by the recent AWS outage, combined with concerns about data privacy and security necessitate accepting calculated risks for potentially high rewards. SECOND HOUR 10-1015 Local Economies: Unexpected Closures and Steady Growth Guest: Jim McTague Jim McTague reports on unusual economic fault lines in Lancaster County, Pennsylvania, where a manufacturer and two restaurant chains closed due to slow business, though a major economic collapse is not imminent. Travel remained busy, and RV manufacturing appears undiminished despite economic headwinds. In Indiana, business was steady and resilient. McTague highlighted the entrepreneurial success of a Hobart, Indiana, family who transformed a one-hundred-acre apple farm into a major tourist attraction, generating significant revenue through simple, family-friendly activities and demonstrating creative economic adaptation. 1015-1030 Canadian National Unity and Alberta's Grievances Guest: Conrad Black Conrad Black reports on a debate between former Prime Ministers Jean Chrétien and Stephen Harper regarding Canadian national unity, focusing on Alberta's profound discontent. Resource-rich Alberta feels unfairly treated and prevented from profiting from oil and gas development due to federal opposition to pipeline construction. Harper warned of serious national problems if the new government, led by Prime Minister Mark Carney, remains inflexible on energy policy. Black notes that while Canada's political institutions are durable, flexibility is required to maintain unity and coherence across diverse regions. 1030-1045 Executive Power and Constitutional Constraints Guest: Professor Richard Epstein Professor Richard Epstein analyzes an executive order creating a five-hundred-person National Guard rapid response force per state for civil disturbances. He argues this improperly expands presidential power, usurping Congress's Article I authority over the militia. Epstein views this as an authoritarian extension of unitary executive theory that violates constitutional federalism. He also notes that pursuing alleged narco-terrorists in Venezuela without a Congressional Authorization for the Use of Military Force is legally tenuous, as drug running constitutes a crime rather than an act of war, making military action constitutionally questionable. 1045-1100 Executive Power and Constitutional Constraints Guest: Professor Richard Epstein Professor Richard Epstein analyzes an executive order creating a five-hundred-person National Guard rapid response force per state for civil disturbances. He argues this improperly expands presidential power, usurping Congress's Article I authority over the militia. Epstein views this as an authoritarian extension of unitary executive theory that violates constitutional federalism. He also notes that pursuing alleged narco-terrorists in Venezuela without a Congressional Authorization for the Use of Military Force is legally tenuous, as drug running constitutes a crime rather than an act of war, making military action constitutionally questionable. THIRD HOUR 1100-1115 Augustine the African: Life, Conversion, and Conflict Guest: Professor Catherine Conybeare Professor Catherine Conybeare discusses Augustine the African, born in Tagaste in North Africa, who spoke Latin but was not fluent in Punic. Augustine moved to Milan, where his Christian mother, Monica, orchestrated an advantageous marriage, forcing him to cruelly separate from his partner of fourteen years and their son. After converting to Christianity and returning to Africa, he was forcibly ordained in Hippo. Augustine employed his rhetorical training, influenced by Cicero, to combat Donatism, a distinctively North African church movement that challenged orthodox Christian authority. 1115-1130 Augustine the African: Life, Conversion, and Conflict Guest: Professor Catherine Conybeare Professor Catherine Conybeare discusses Augustine the African, born in Tagaste in North Africa, who spoke Latin but was not fluent in Punic. Augustine moved to Milan, where his Christian mother, Monica, orchestrated an advantageous marriage, forcing him to cruelly separate from his partner of fourteen years and their son. After converting to Christianity and returning to Africa, he was forcibly ordained in Hippo. Augustine employed his rhetorical training, influenced by Cicero, to combat Donatism, a distinctively North African church movement that challenged orthodox Christian authority. 1130-1145 Augustine the African: Life, Conversion, and Conflict Guest: Professor Catherine Conybeare Professor Catherine Conybeare discusses Augustine the African, born in Tagaste in North Africa, who spoke Latin but was not fluent in Punic. Augustine moved to Milan, where his Christian mother, Monica, orchestrated an advantageous marriage, forcing him to cruelly separate from his partner of fourteen years and their son. After converting to Christianity and returning to Africa, he was forcibly ordained in Hippo. Augustine employed his rhetorical training, influenced by Cicero, to combat Donatism, a distinctively North African church movement that challenged orthodox Christian authority. 1145-1200 Augustine the African: Life, Conversion, and Conflict Guest: Professor Catherine Conybeare Professor Catherine Conybeare discusses Augustine the African, born in Tagaste in North Africa, who spoke Latin but was not fluent in Punic. Augustine moved to Milan, where his Christian mother, Monica, orchestrated an advantageous marriage, forcing him to cruelly separate from his partner of fourteen years and their son. After converting to Christianity and returning to Africa, he was forcibly ordained in Hippo. Augustine employed his rhetorical training, influenced by Cicero, to combat Donatism, a distinctively North African church movement that challenged orthodox Christian authority. FOURTH HOUR 12-1215 Nuclear Testing and Proliferation Concerns Guest: Henry Sokolski Henry Sokolski discusses President Trump's comments on resuming nuclear testing, suggesting Trump may favor a full yield test, last conducted in 1992, over current subcritical testing protocols. The United States maintains a formal moratorium on explosive nuclear testing. Sokolski also addresses proliferation risks associated with the United States potentially helping South Korea build nuclear-powered submarines and enabling South Korea to manufacture its own nuclear fuel. Such action would place Korea weeks away from building nuclear weapons, a development likely to provoke a strong response from Japan and destabilize the region. 1215-1230 Nuclear Testing and Proliferation Concerns Guest: Henry Sokolski Henry Sokolski discusses President Trump's comments on resuming nuclear testing, suggesting Trump may favor a full yield test, last conducted in 1992, over current subcritical testing protocols. The United States maintains a formal moratorium on explosive nuclear testing. Sokolski also addresses proliferation risks associated with the United States potentially helping South Korea build nuclear-powered submarines and enabling South Korea to manufacture its own nuclear fuel. Such action would place Korea weeks away from building nuclear weapons, a development likely to provoke a strong response from Japan and destabilize the region. 1230-1245 Space Race and Private Industry Guest: Bob Zimmerman Bob Zimmerman discusses how SpaceX's privately funded Starship program is positioned to beat NASA, China, and Russia in establishing a lunar base, operating independently of the struggling Artemis program. China and Blue Origin are deemed significantly behind in their lunar efforts. Zimmerman also covers other segments including A Space Mobile competing with Starlink, semiconductor manufacturing in space, the X59 project becoming obsolete due to private innovation, and accessible Martian ice at a potential Starship landing site. The convergence of private sector capabilities and reduced government constraints suggests a fundamental shift in space exploration dynamics. 1245-100 AM Space Race and Private Industry Guest: Bob Zimmerman Bob Zimmerman discusses how SpaceX's privately funded Starship program is positioned to beat NASA, China, and Russia in establishing a lunar base, operating independently of the struggling Artemis program. China and Blue Origin are deemed significantly behind in their lunar efforts. Zimmerman also covers other segments including A Space Mobile competing with Starlink, semiconductor manufacturing in space, the X59 project becoming obsolete due to private innovation, and accessible Martian ice at a potential Starship landing site. The convergence of private sector capabilities and reduced government constraints suggests a fundamental shift in space exploration dynamics.

PREVIEW: Social Security Reform: Capping Benefits for the Wealthiest Guest: Veronique De Rugy Veronique De Rugy discusses the looming Social Security deadline set for 2033, when the program faces a funding shortfall, and potential campaign responses during the 2028 election cycle. De Rugy proposes a reform method she believes can be easily sold to the American people without raising taxes or causing inflation. Her specific proposal invites all Americans, from wealthy to poor, to share in solving the problem by capping benefits for those with the most money and the least need for the program. By capping benefits for the wealthiest seniors, the biggest beneficiaries would see the largest reductions, while those who truly need the program would see no cuts. She notes that today's seniors are generally doing much better financially than when the program was originally created. 1936

Trump Administration's Economic Interventionism Questioned as 'State Capitalism'. Veronique de Rugy critiques the Trump administration's economic policies regarding companies like Intel, US Steel, and MP Mining, calling them "state capitalism" or forms of nationalization. She argues that the government acquiring a minority share in Intel creates bad incentives and unfair competitive advantages. Regarding MP Mining, de Rugy notes that guaranteeing a price floor fails to address the underlying issue of government regulation hindering rare earth production in the US.E 1882. BURLINGTON RAILROAD STRIKE

Tariffs Harm Consumers, Reduce Hiring, and Cause Customs Backlogs. Veronique De Rugy explains how tariffs are costing American consumers and businesses over 80% of the expense, leading to higher prices and reduced corporate margins. The tariff policy is harming the job market, causing 40% of CEOs to pause hiring and investments. Customs authorities are overwhelmed by the volume of small packages now requiring assessment, causing significant backlogs and lost goods for consumers. Special interests are expanding the tariff application to derivative products, such as peanut butter packaged in metal containers. 1931